Crypto crime drops 19.6% as digital ecosystem matures
Advanced blockchain analysis tools, such as those provided by Chainalysis, are empowering law enforcement agencies and enterprises to counter the...
Economy
Oil prices soar 4 percent but US inflation fears ease
U.S. crude oil prices rose over 4% on Monday, surpassing $80 per barrel, as the Pentagon deployed additional forces to...
Economy
Dubai most expensive city in Arab world
Mercer’s 2022 Cost of Living City Ranking ranks the emirate the 31st most expensive city in the world.
- Mercer survey is aimed at providing employers data to help them navigate compensation strategies for their mobile employees in the world.
- Urkaine conflict, rising inflation and volatility of markets has affected the cost of living for most of the people in the world.
Economy
Dubai to provide 2,000 residential plots at Umm Nahad Fourth
The Higher Committee for Development and Citizens Affairs, chaired by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince...
- The Higher Committee for Development and Citizens Affairs approved immediate allocation of 2,000 residential plots at Umm Nahad Fourth area
- The step comes as part of the Housing Program for Dubai Citizens to meet the requirements and needs of Emirati families
Business
Center to combat financial fraud inaugurated in Saudi Arabia
A Joint Operations Center for Saudi Banks tasked with following up and monitoring cases of financial fraud that bank customers...
- The center brings together all Saudi banks under one roof to improve the customer experience and tackle confirmed cases of financial fraud.
- The Center’s establishment came from from the Saudi Central Bank’s support for the stability of the banking sector, said SAMA governor.
Economy
DEWA says 287 11kV substations commissioned in H1 2022
Dubai Electricity and Water Authority (DEWA) has commissioned 287 11kV substations in Dubai in the first half of 2022. This...
- These 287 11kV substations are primarily in Al Merkad, Jabal Ali First, Saih Shuaib 2, Al Jadaf and Burj Khalifa areas
- Building these substations included 177,875 working hours as per the highest quality, efficiency and safety standard
Economy
US Fed looks to hike interest rate to douse runaway inflation
US central bankers face an increasingly difficult balancing act as they struggle to douse scorching inflation while still keeping the...
- The Fed holds its two-day policy meeting next week, where it is expected to hike the benchmark borrowing rate on Wednesday by another three-quarters of a percentage point
- Officials have said the US economy is strong enough to withstand higher rates without a serious downturn, but others say they are overly optimistic
Economy
Egypt banks on small farms to overcome wheat shortage
Egyptian smallholders grow nearly half of the country's crops, a lifeline role increasingly important after grain imports were stalled by...
- Egypt relied on Russia and Ukraine for 80 percent of its imports for wheat, providing the flour for Egypt's traditional flat bread
- In March, Cairo ordered farmers to grow wheat, calling the "compulsory delivery" orders a "patriotic duty"
Economy
Saudi Arabia mulls welfare funds to ease inflation
The Kingdom has allocated $5.3bn to deal with the fallout of rising global prices, with half of the fund going...
- The Kingdom has set aside $5.3bn to deal with the fallout of rising global prices, with half of the fund going to social insurance beneficiaries and the Citizens' Account program.
- According to the recent data issued by Saudi Arabia’s General Authority for Statistics, inflation rose marginally to 2.3 percent year-on-year in June 2022
Economy
Dubai’s labor body to expand schemes for welfare of workers
The Permanent Committee for Labor Affairs has reiterated its commitment to collaborate with private and social organizations to consolidate the...
- The Permanent Committee for Labor Affairs said it will collaborate with private, social organizations for progressive labor policies in Dubai
- PCLA said it pursues workplace campaigns and community initiatives to improve workers’ standard of living and working
Economy
IMF adopts plan to better account for gender gaps
Kristalina Georgieva in a statement.said that the Washington-based organization would immediately begin implementing the strategy.
- Kristalina Georgieva in a statement.said that the Washington-based organization would immediately begin implementing the strategy
- She added that "well-designed macroeconomic, structural, and financial policies can support efficient and inclusive outcomes.”
Economy
Abu Dhabi records $6.13bn of real estate transactions in H1 2022
Abu Dhabi's real estate market sustained growth driven by investor optimism, recording 7,474 property transactions amounting to over US$6.13 billion...
- Abu Dhabi's real estate market recorded 7,474 property transactions worth over US$6.13bn in H1 2022
- Department of Municipalities and Transport half-yearly report says all kinds of land, buildings and real estate were purchased, sold and mortgaged
Crypto crime drops 19.6% as digital ecosystem matures
Advanced blockchain analysis tools, such as those provided by Chainalysis, are empowering law enforcement agencies and enterprises to counter the...
Economy
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Urban developments transform Saudi realty
The exhibition saw the launch of massive real estate ventures, including integrated, modern cities, with a combined investment of around...
‘Protect the planet, natural resources and heritage’
"The UAE is steadfast in its efforts to mitigate tensions and advocates for dialogue and diplomacy as means of resolution....
Economy
Eastern authorities want Libya aid conference in flood-hit Derna
Benghazi, Libya - Libya's flood-devastated port city of Derna will host an international conference next month to aid reconstruction efforts, authorities...
Geostrategy
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Economy
Jordan seeks World Bank support to boost infrastructure projects
Amman, Jordan-- Jordan and the World Bank have held discussions to enhance cooperation in infrastructure projects and the public-private partnerships....
- Jordanian Minister of Investment Kholoud Al Saqqaf met with World Bank Vice President for Infrastructure Affairs Guangzhe Chen in Amman to broaden the cooperation
- The Jordanian minister reviewed a list of partnership projects between the public and private sectors, which focus on transportation, water and infrastructure sectors
Business
Saudi Arabia seeks Chinese investment in mining, industry
Beijing, China - Saudi Arabia is seeking Chinese investment in mining and industrial sectors. The Saudi Minister of Industry and...
- The Saudi side highlighted the goals of the National Strategy for Industry and the opportunities provided in various industrial sectors
- The meeting examined the measures, initiatives and incentives provided by the ministry to remove obstacles for investors
Economy
Saudi Arabia’s economy joins trillion-dollar club
The Kingdom now ranks 17th in global economic rankings and 17th out of 64 countries for global economic competitiveness.
- The milestone was achieved ahead of the state's 2025 targets, accompanied by a remarkable growth rate of 8.7%, the highest among G20 nations
- Saudi Arabia now ranks 17th in global economic rankings and 17th out of 64 countries for global economic competitiveness